Hospitality Funding, LLC Raises Equity and Debt for Fort Lauderdale Hotel Acquisition
Palm Beach, FL, March 21, 2014 --(PR.com
)-- The Holiday Inn Express & Suites Plantation is the latest hotel to be acquired through a $50 million equity Joint Venture and related $100 million debt facility raised by Hospitality Funding, LLC. Hospitality Funding advised the buyer group, which consists of a leading hospitality asset management firm and a US-based investment management company. Management of the 156-room hotel has been transferred to Interstate Hotels & Resorts.
When assessing the transaction, Hospitality Funding considered the following:
The property offers 16 suites, an on-site health and fitness center, outdoor pool, business center, and flexible meeting space.
The hotel underwent its most recent renovation in 2012.
The hotel is located 15 minutes from the Fort Lauderdale-Hollywood International Airport, and a short drive from Sawgrass Mills shopping mall, Sawgrass Corporate Park and the BB&T Center, a major event venue and home to the Florida Panthers professional hockey team.
The hotel is adjacent to the regional headquarters of Motorola as well as corporate hubs for such companies as American Express and AT&T.
Only 10 minutes from the beach, the property offers convenience for leisure travels as well as the business community.
The property offers easy access to all of the museums, events, restaurants, shopping, and tropical weather activities that the booming Ft. Lauderdale market offers.
About Hospitality Funding LLC: Hospitality Funding is a boutique investment advisory firm focused on raising equity, mezzanine, and debt financing for the acquisition of all types of hospitality assets. Hospitality Funding works with superior owner-operators to find capital solutions that fit their specific goals for property acquisitions. For more information, please visit www.hospitalityfunding.com.